APPRAISAL OF€¦ · The attached report contains the description, analysis and supportive data for...
Transcript of APPRAISAL OF€¦ · The attached report contains the description, analysis and supportive data for...
File No.
APPRAISAL OF
LOCATED AT:
FOR:
BORROWER:
AS OF:
BY:
2952HURLEY
November 5, 2014
N/A
US MARSHALS SERVICE
PHILADELPHIA, PA 19134
2952 HURLEY STREET
File No.
File Number:
In accordance with your request, I have appraised the real property at:
The purpose of this appraisal is to develop an opinion of the market value of the subject property, as improved.The property r ights appraised are the fee simple interest in the site and improvements.
In my opinion, the market value of the property as of i s :
The at tached repor t conta ins the descr ip t ion, analys is and suppor t ive data for the conclus ions,f inal opinion of value, descr ipt ive photographs, l imi t ing condi t ions and appropr iate cert i f icat ions.
2952HURLEY
November 5, 2014
PHILADELPHIA, PA 19134
2952 HURLEY STREET
2952HURLEY
Uniform Residential Appraisal Report File No.
The purpose of this summary appraisal report is to provide the lender/client with an accurate, and adequately supported, opinion of the market value of the subject property.
Property Address City State Zip Code
Borrower Owner of Public Record County
Legal Description
Assessor's Parcel # Tax Year R.E. Taxes $
Neighborhood Name Map Reference Census Tract
Occupant Owner Tenant Vacant Special Assessments $ PUD HOA $ per year per month
Property Rights Appraised Fee Simple Leasehold Other (describe)
Assignment Type Purchase Transaction Refinance Transaction Other (describe)
Lender/Client Address
Is the subject property currently offered for sale or has it been offered for sale in the twelve months prior to the effective date of this appraisal? Yes No
Report data source(s) used, offering price(s), and date(s).
SU
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I did did not analyze the contract for sale for the subject purchase transaction. Explain the results of the analysis of the contract for sale or why the analysis was not performed.
Contract Price $ Date of Contract Is the property seller the owner of public record? Yes No Data Source(s)
Is there any financial assistance (loan charges, sale concessions, gift or downpayment assistance, etc.) to be paid by any party on behalf of the borrower? Yes No
If Yes, report the total dollar amount and describe the items to be paid.CO
NT
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Neighborhood Characteristics One-Unit Housing Trends One-Unit Housing Present Land Use %
Note: Race and the racial composition of the neighborhood are not appraisal factors.
Location Urban Suburban Rural Property Values Increasing Stable Declining PRICE AGE One-Unit %
Built-Up Over 75% 25-75% Under 25% Demand/Supply Shortage In Balance Over Supply $(000) (yrs) 2-4 Unit %
Growth Rapid Stable Slow Marketing Time Under 3 mths 3-6 mths Over 6 mths Low Multi-Family %
Neighborhood Boundaries High Commercial %
Pred. Other %
Neighborhood Description
Market Conditions (including support for the above conclusions)
NE
IGH
BO
RH
OO
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Dimensions Area Shape View
Specific Zoning Classification Zoning Description
Zoning Compliance Legal Legal Nonconforming (Grandfathered Use) No Zoning Illegal (describe)
Is the highest and best use of the subject property as improved (or as proposed per plans and specifications) the present use? Yes No If No, describe.
Utilities Public Other (describe) Public Other (describe) Off-site Improvements—Type Public Private
Electricity Water Street
Gas Sanitary Sewer Alley
FEMA Special Flood Hazard Area Yes No FEMA Flood Zone FEMA Map # FEMA Map Date
Are the utilities and off-site improvements typical for the market area? Yes No If No, describe.
Are there any adverse site conditions or external factors (easements, encroachments, environmental conditions, land uses, etc.)? Yes No If Yes, describe.
SIT
E
GENERAL DESCRIPTION FOUNDATION EXTERIOR DESCRIPTION materials/condition INTERIOR materials/condition
Units One One with Accessory Unit Concrete Slab Crawl Space Foundation Walls Floors
# of Stories Full Basement Partial Basement Exterior Walls Walls
Type Det. Att. S-Det./End Unit Basement Area sq. ft. Roof Surface Trim/Finish
Existing Proposed Under Const. Basement Finish % Gutters & Downspouts Bath Floor
Design (Style) Outside Entry/Exit Sump Pump Window Type Bath Wainscot
Year Built Evidence of Infestation Storm Sash/Insulated Car Storage None
Effective Age (Yrs) Dampness Settlement Screens Driveway # of Cars
Attic None Heating FWA HWBB Radiant Amenities WoodStove(s) # Driveway Surface
Drop Stair Stairs Other Fuel Fireplace(s) # Fence Garage # of Cars
Floor Scuttle Cooling Central Air Conditioning Patio/Deck Porch Carport # of Cars
Finished Heated Individual Other Pool Other Att. Det. Built-in
Appliances Refrigerator Range/Oven Dishwasher Disposal Microwave Washer/Dryer Other (describe)
Finished area above grade contains: Rooms Bedrooms Bath(s) Square Feet of Gross Living Area Above Grade
Additional features (special energy efficient items, etc.).
Describe the condition of the property (including needed repairs, deterioration, renovations, remodeling, etc.).
Are there any physical deficiencies or adverse conditions that affect the livability, soundness, or structural integrity of the property? Yes No If Yes, describe.
Does the property generally conform to the neighborhood (functional utility, style, condition, use, construction, etc.)? Yes No If No, describe.
IMP
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Page 1 of 6
2952HURLEY
SUMMARY APPRAISAL REPORT
TREND MLS
X
9820 WILLOW CREEK ROAD STE 300, SAN DIEGO, CA 92131US MARSHALS SERVICE
ASSET VALUATION PURPOSESX
X
00X
0177.028018C4KENSINGTON
5722014071484100
LOT: 123, TAX MAP: 36N7; CITY OF PHILADELPHIA
PHILADELPHIAVICTORIA COTO SANTOSN/A
19134PAPHILADELPHIA2952 HURLEY STREET
SEE ATTACHED ADDENDUM
SEE ATTACHED ADDENDUM
8Vact
7
1
1
83
85
125
50
19
81
4
ALLEGHENY AVENUE TO THE NORTH, LEHIGH AVENUE TO THE SOUTH,
FRONT STREET TO THE WEST AND FRANKFORD AVENUE TO THE EAST.
X
X
X
X
X
X
APPRAISER
DID NOT OBSERVE ANY FORMS OF ADVERSE ENVIRONMENTAL CONDITIONS THAT WOULD NEGATIVELY IMPACT ON THE VALUE OF THE
SUBJECT PROPERTY. HOWEVER, APPRAISER IS NOT QUALIFIED OR LICENSED TO DETECT SUCH ADVERSE INFLUENCES.
X
X
01/17/20074207570201GXX
NONE
XMACADAM
X
X
X
X
X
X
(O30) RES: ROW, 2 STORY, MASONRYRM1
N;Res;VacantLotsRECTANGULAR532 sf14 X 38
THE SUBJECT FIRST
FLOOR BATHROOM IS ATYPCIAL FOR THE MARKET. APPRAISER WAS UNABLE TO INCLUDE A COMPARABLE WITH FIRST FLOOR BATHROOM.
THIS WOULD BE VIEWED AS LESS DESIRABLE WITH BEDROOMS ON SECOND FLOOR. ACRIOS THE BOARD ADJUSTMENTS TO THE GRID
WERE NECESSARY.
X
UTILITIES
WERE NOT ON AT TIME OF INSPECTION. HOT WATER HEATER WAS MISSING SOME PIPING.THERE WAS EXPOSED WIRING THROUGHOUT
INCLUDING BASEMENT WALL AND OUTLETS.
X
C4;Kitchen-updated-six to ten years ago;Bathrooms-not
updated;AT THE TIME OF INSPECTION, THE SUBJECT WAS FOUND TO BE IN AVERAGE OVERALL CONDITION. . UTILITIES WERE NOT ON AT
TIME OF INSPECTION. THERE WAS FUNCTIONAL UTILITY ISSUE WITH BATHROOM ON FIRST FLOOR. THERE WAS NOTED DEFERRED
MAINTENANCE THROUGHOUT (SEE ADDENDUM).
SEE ATTACHED ADDENDUM
1,0641.024
SEE ADDENDUMX
0
0
0
X
VINYLCERAMIC/AVG
CERAMIC/AVG
PNT WOOD/AVG
DRYWALL/AVG
CRMC/CPT/AVG
NoneNone
NONECVRDX
NONE0
0
SOME/AVG
SOME/AVG
VINYL/GOOD
ALUMINUM/AVG
FBU/UNKNOWN
BRICK/ALUM/AVG
MASONRY/AVG
X
ELECTRIC
X
75
532
X
X
20
~1920
ROW
X
X
2
X
Uniform Residential Appraisal Report File No.
There are comparable properties currently offered for sale in the subject neighborhood ranging in price from $ to $ .
There are comparable sales in the subject neighborhood within the past twelve months ranging in sale price from $ to $ .
FEATURE SUBJECT
Address
Proximity to Subject
Sale Price $
Sale Price/Gross Liv. Area $ sq. ft.
Data Source(s)
Verification Source(s)
VALUE ADJUSTMENTS DESCRIPTION
Sale or Financing
Concessions
Date of Sale/Time
Location
Leasehold/Fee Simple
Site
View
Design (Style)
Quality of Construction
Actual Age
Condition
Above Grade Total Bdrms. Baths
Room Count
Gross Living Area sq. ft.
Basement & Finished
Rooms Below Grade
Functional Utility
Heating/Cooling
Energy Efficient Items
Garage/Carport
Porch/Patio/Deck
Net Adjustment (Total)
Adjusted Sale Price
of Comparables
$
$
DESCRIPTION +(-) $ Adjustment
Total Bdrms. Baths
+ - $
Net Adj. %
Gross Adj. % $
$
$
DESCRIPTION +(-) $ Adjustment
Total Bdrms. Baths
+ - $
Net Adj. %
Gross Adj. % $
$
$
DESCRIPTION +(-) $ Adjustment
Total Bdrms. Baths
+ - $
Net Adj. %
Gross Adj. % $
I did did not research the sale or transfer history of the subject property and comparable sales. If not, explain
My research did did not reveal any prior sales or transfers of the subject property for the three years prior to the effective date of this appraisal.
Data source(s)
My research did did not reveal any prior sales or transfers of the comparable sales for the year prior to the date of sale of the comparable sale.
Data source(s)
Report the results of the research and analysis of the prior sale or transfer history of the subject property and comparable sales (report additional prior sales on page 3).
ITEM SUBJECT
Date of Prior Sale/Transfer
Price of Prior Sale/Transfer
Data Source(s)
Effective Date of Data Source(s)
Analysis of prior sale or transfer history of the subject property and comparable sales
Summary of Sales Comparison Approach.
Indicated Value by Sales Comparison Approach $
SA
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OM
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RIS
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AP
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OA
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Indicated Value by: Sales Comparison Approach $ Cost Approach (if developed) $ Income Approach (if developed) $
This appraisal is made "as is," subject to completion per plans and specifications on the basis of a hypothetical condition that the improvements have been completed,
subject to the following repairs or alterations on the basis of a hypothetical condition that the repairs or alterations have been completed, or subject to the following required
inspection based on the extraordinary assumption that the condition or deficiency does not require alteration or repair:
Based on a complete visual inspection of the interior and exterior areas of the subject property, defined scope of work, statement of assumptions and limiting
conditions, and appraiser’s certification, my (our) opinion of the market value, as defined, of the real property that is the subject of this report is $
as of , which is the date of inspection and the effective date of this appraisal.
RE
CO
NC
ILIA
TIO
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Page 2 of 6
2952HURLEY
SUMMARY APPRAISAL REPORT
9
10
PATIO
None
STANDARD
ELEC/NONE
BELOW AVERAGE
1rr0br0.0ba0o
532sf399sfin
1,06410
1.024
C4
~94
Q4
AT2;ROW
N;Res;VacantLots
532 sf
FEE SIMPLE
N;Res;
0.00
PHILADELPHIA, PA 19134
2952 HURLEY STREET
-
-E
~80
0
0
0
0
ArmLth
-
/
-
550sf0sfin
~
;
;
;
ArmLth
TREND MLS/PUBLIC TAX RECORDS.
X
TREND MLS/PUBLIC TAX RECORDS
X
X
11/05/2014
PUBLIC TAX RECORDS
$3,000
07/07/2008
MOST WEIGHT WAS GIVEN TO COMPARABLES 1 AND 2 FOR LOCATION AND AS 2 BEDROOM DWELLINGS.
COMPARABLE 3 IS INCLUDED TO BRACKET THE HIGHER END OF GROSS LIVING AREA. LESS WEIGHT WAS GIVEN. LEAST WEIGHT WAS
GIVEN TO COMPARABLE 4 AS SUPERIOR CONDITION (INCLUDED FOR ILLUSTRATIVE PURPOSES). LISTING 2 IS INCLUDED AS AN REO
LISTING DUE TO PREVALANCE IN NEIGHBORHOOD.
AT THE TIME OF INSPECTION, THE APPRAISER WAS NOT AWARE OF ANY
AGREEMENT OF SALE, OPTION OR LISTING PERTAINING TO THE SUBJECT PROPERTY. PUBLIC RECORDS AND MLS DATA INDICATE NO
SALES OR TRANSFERS WITHIN THE PAST 36 MONTHS. PUBLIC RECORDS AND MLS DATA INDICATE NO SALES OR TRANSFERS FOR THE
COMPARABLES WITHIN THE LAST 12 MONTHS.
11/05/2014
NONE. THIS APPRAISAL IS BASED UPON THE "AS IS"
CONDITION OF THE SUBJECT PROPERTY AS OF THE DATE OF INSPECTION.
X
Uniform Residential Appraisal Report File No.
AD
DIT
ION
AL
CO
MM
EN
TS
COST APPROACH TO VALUE (not required by Fannie Mae)
Provide adequate information for the lender/client to replicate the below cost figures and calculations.
Support for the opinion of site value (summary of comparable land sales or other methods for estimating site value)
ESTIMATED REPRODUCTION OR REPLACEMENT COST NEW
Source of cost data
Quality rating from cost service Effective date of cost data
Comments on Cost Approach (gross living area calculations, depreciation, etc.)
Estimated Remaining Economic Life (HUD and VA only) Years
OPINION OF SITE VALUE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . = $
Dwelling Sq. Ft. @ $ . . . . . . . . . . . . = $
Sq. Ft. @ $ . . . . . . . . . . . . = $
Garage/Carport Sq. Ft. @ $ . . . . . . . . . . . . = $
Total Estimate of Cost-New . . . . . . . . . . . . = $
Less Physical Functional External
Depreciation = $ ( )
Depreciated Cost of Improvements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . = $
"As-is" Value of Site Improvements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . = $
INDICATED VALUE BY COST APPROACH . . . . . . . . . . . . . . . . . . . . . . = $
CO
ST
AP
PR
OA
CH
INCOME APPROACH TO VALUE (not required by Fannie Mae)
Estimated Monthly Market Rent $ X Gross Rent Multiplier = $ Indicated Value by Income Approach
Summary of Income Approach (including support for market rent and GRM)
INC
OM
E
PROJECT INFORMATION FOR PUDs (if applicable)
Is the developer/builder in control of the Homeowners' Association (HOA)? Yes No Unit type(s) Detached Attached
Provide the following information for PUDs ONLY if the developer/builder is in control of the HOA and the subject property is an attached dwelling unit.
Legal name of project
Total number of phases Total number of units Total number of units sold
Total number of units rented Total number of units for sale Data source(s)
Was the project created by the conversion of an existing building(s) into a PUD? Yes No If Yes, date of conversion.
Does the project contain any multi-dwelling units? Yes No Data source(s)
Are the units, common elements, and recreation facilities complete? Yes No If No, describe the status of completion.
Are the common elements leased to or by the Homeowners' Association? Yes No If Yes, describe the rental terms and options.
Describe common elements and recreational facilities.
PU
D IN
FO
RM
AT
ION
Page 3 of 6
2952HURLEY
SUMMARY APPRAISAL REPORT
THE EXTENT OF THE SERVICES RENDERED IN THIS ASSIGNMENT ENCOMPASSES ALL THE ACTIVITIES CONSIDERED NECESSARY TO
FULFILL THE COMMON SENSE AND ETHICAL RESPONSIBILITIES IN ARRIVING AT AN ACCURATE, OBJECTIVE AND UNBIASED OPINION OF
VALUE FOR THE SUBJECT PROPERTY. THESE ACTIVITIES INCLUDED AT LEAST, COLLECTION OF DATA REGARDING THE PHYSICAL
SUBJECT PROPERTY AND COMPARABLES AND THE GENERAL NEIGHBORHOOD AND MARKET AREA TRENDS AND INFLUENCES,
OBSERVATION OF CONDITIONS RELATIVE TO THE EFFECTIVE AGE OF THE SUBJECT PROPERTY AND COMPARABLE IMPROVEMENT; THE
INFLUENCE OF ZONING, AMENITIES AND OTHER FACTORS; A THOROUGH EXAMINATION OF THOSE MARKET AREAS CONSIDERED TO BE
RELEVANT AND TO REVEAL EVIDENCE OF COMPARABLE DATA; RESEARCH COMPARISON AND SOMETIMES RECONCILIATION OF
DIVERGENT MLS, COURTHOUSE AND OBSERVED CHARACTERISTICS.
NO WARRANTY OF ESTIMATED VALUE IS GIVEN OR IMPLIED. NO LIABILITY IS ACCEPTED FOR THE STRUCTURAL OR MECHANICAL
CONDITION OF THE PROPERTY. AS THIS APPRAISAL REPORT IS AN OPINION OF VALUE, THE LENDER IS STRONGLY ENCOURAGED TO
CONSIDER THIS REPORT CAREFULLY AND AS ONLY ONE SOURCE IN A THOROUGH REVIEW.
THE APPRAISER MADE REASONABLE EFFORTS TO REVIEW THE RELEVANT MULTIPLE LISTING SERVICE AND PUBLIC TAX RECORDS FOR
THE SUBJECT AND THE COMPARABLES USED IN THIS APPRAISAL REPORT. IN THE CASE OF CONFLICTING INFORMATION, EVERY EFFORT
WAS MADE TO IDENTIFY AND USE THE MOST ACCURATE INFORMATION. IF A REASONABLE DEGREE OF INTEGRITY COULD NOT BE
IMPLIED, THE COMPARABLE WAS DISREGARDED. THIS POTENTIAL FOR DISREGARD OF A COMPARABLE BASED ON INSUFFICIENT,
CONFLICTING OR SUSPECT DATA COULD UNDERSTANDABLY CAUSE AN OTHERWISE VERY GOOD AND RELEVANT COMPARABLE NOT TO
BE USED.
ALL COMMENTS REGARDING ADEQUACY AND CONDITIONS WERE NOT ADDRESSED HERE. AS REAL ESTATE APPRAISERS WE ARE NOT
QUALIFIED TO MAKE THESE DETERMINATIONS.
THE SIGNATURE USED ON THIS REPORT IS AN ELECTRONIC SIGNATURE. IT IS SCANNED FROM THE APPRAISERS ACTUAL SIGNATURE AND
IS PASSWORD PROTECTED. ELECTRONIC SIGNATURES ARE USED FOR EXPEDIENCY AND ELECTRONIC TRANSFERS AND IS TO BE
CONSIDERED A TRUE SIGNATURE.
$
Bsmt:
30
IF THE COST APPROACH WAS DEVELOPED, IT WAS BY CLIENT
REQUEST, THOUGH IS NOT CONSIDERED A RELIABLE INDICATOR OF
VALUE DUE. THE FINAL DETERMINATION OF VALUE RELIES MOST
HEAVILY UPON THE SALES COMPARISON APPROACH.
11/2014AVERAGE
BLUE BOOK APPRAISERBASE COST DATA
X
DATA ON LAND SALES IN THE SUBJECT'S MARKETING
AREA WAS ANALYZED OVER THE LAST 36 MONTHS. THE OPINION OF SITE VALUE LISTED BELOW IS REFLECTIVE OF TYPICAL LAND
SALES/MARKET ACTIVITY IN THE SUBJECT'S MARKETING AREA WITHIN THE PAST 36 MONTHS.
N/A
N/A
N/A
N/A
N/A
N/AN/AN/A
N/AN/AN/A
N/A
Uniform Residential Appraisal Report File No.
This report form is designed to report an appraisal of a one-unit property or a one-unit property with an accessory unit; including aunit in a planned unit development (PUD). This report form is not designed to report an appraisal of a manufactured home or a unitin a condominium or cooperative project.
This appraisal report is subject to the following scope of work, intended use, intended user, definition of market value, statement ofassumptions and limiting conditions, and certifications. Modifications, additions, or deletions to the intended use, intended user,definition of market value, or assumptions and limiting conditions are not permitted. The appraiser may expand the scope of workto include any additional research or analysis necessary based on the complexity of this appraisal assignment. Modifications ordeletions to the certifications are also not permitted. However, additional certifications that do not constitute material alterationsto this appraisal report, such as those required by law or those related to the appraiser’s continuing education or membership in anappraisal organization, are permitted.
SCOPE OF WORK: The scope of work for this appraisal is defined by the complexity of this appraisal assignment and thereporting requirements of this appraisal report form, including the following definition of market value, statement of assumptionsand limiting conditions, and certifications. The appraiser must, at a minimum: (1) perform a complete visual inspection of theinterior and exterior areas of the subject property, (2) inspect the neighborhood, (3) inspect each of the comparable sales from atleast the street, (4) research, verify, and analyze data from reliable public and/or private sources, and (5) report his or her analysis,opinions, and conclusions in this appraisal report.
INTENDED USE: The intended use of this appraisal report is for the lender/client to evaluate the property that is the subject ofthis appraisal for a mortgage finance transaction.
INTENDED USER: The intended user of this appraisal report is the lender/client.
DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open marketunder all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price isnot affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing oftitle from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informedor well advised, and each acting in what he or she considers his or her own best interest; (3) a reasonable time is allowed forexposure in the open market; (4) payment is made in terms of cash in U. S. dollars or in terms of financial arrangementscomparable thereto; and (5) the price represents the normal consideration for the property sold unaffected by special or creativefinancing or sales concessions* granted by anyone associated with the sale.
*Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments arenecessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs are readilyidentifiable since the seller pays these costs in virtually all sales transactions. Special or creative financing adjustments can bemade to the comparable property by comparisons to financing terms offered by a third party institutional lender that is not alreadyinvolved in the property or transaction. Any adjustment should not be calculated on a mechanical dollar for dollar cost of thefinancing or concession but the dollar amount of any adjustment should approximate the market's reaction to the financing orconcessions based on the appraiser's judgment.
STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS: The appraiser’s certification in this report is subject to thefollowing assumptions and limiting conditions:
1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the titleto it, except for information that he or she became aware of during the research involved in performing this appraisal. Theappraiser assumes that the title is good and marketable and will not render any opinions about the title.
2. The appraiser has provided a sketch in this appraisal report to show the approximate dimensions of the improvements. Thesketch is included only to assist the reader in visualizing the property and understanding the appraiser’s determination of its size.
3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (orother data sources) and has noted in this appraisal report whether any portion of the subject site is located in an identified SpecialFlood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or implied, regarding thisdetermination.
4. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question,unless specific arrangements to do so have been made beforehand, or as otherwise required by law.
5. The appraiser has noted in this appraisal report any adverse conditions (such as needed repairs, deterioration, the presence ofhazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he or she became aware ofduring the research involved in performing this appraisal. Unless otherwise stated in this appraisal report, the appraiser has noknowledge of any hidden or unapparent physical deficiencies or adverse conditions of the property (such as, but not limited to,needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) thatwould make the property less valuable, and has assumed that there are no such conditions and makes no guarantees orwarranties, express or implied. The appraiser will not be responsible for any such conditions that do exist or for any engineering ortesting that might be required to discover whether such conditions exist. Because the appraiser is not an expert in the field ofenvironmental hazards, this appraisal report must not be considered as an environmental assessment of the property.
6. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactorycompletion, repairs, or alterations on the assumption that the completion, repairs, or alterations of the subject property will beperformed in a professional manner.
Page 4 of 6
2952HURLEY
SUMMARY APPRAISAL REPORT
Uniform Residential Appraisal Report File No.
APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that:
1. I have, at a minimum, developed and reported this appraisal in accordance with the scope of work requirements stated in thisappraisal report.
2. I performed a complete visual inspection of the interior and exterior areas of the subject property. I reported the condition ofthe improvements in factual, specific terms. I identified and reported the physical deficiencies that could affect the livability,soundness, or structural integrity of the property.
3. I performed this appraisal in accordance with the requirements of the Uniform Standards of Professional Appraisal Practicethat were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at thetime this appraisal report was prepared.
4. I developed my opinion of the market value of the real property that is the subject of this report based on the sales comparisonapproach to value. I have adequate comparable market data to develop a reliable sales comparison approach for this appraisalassignment. I further certify that I considered the cost and income approaches to value but did not develop them, unless otherwiseindicated in this report.
5. I researched, verified, analyzed, and reported on any current agreement for sale for the subject property, any offering for saleof the subject property in the twelve months prior to the effective date of this appraisal, and the prior sales of the subject propertyfor a minimum of three years prior to the effective date of this appraisal, unless otherwise indicated in this report.
6. I researched, verified, analyzed, and reported on the prior sales of the comparable sales for a minimum of one year prior to thedate of sale of the comparable sale, unless otherwise indicated in this report.
7. I selected and used comparable sales that are locationally, physically, and functionally the most similar to the subject property.
8. I have not used comparable sales that were the result of combining a land sale with the contract purchase price of a homethat has been built or will be built on the land.
9. I have reported adjustments to the comparable sales that reflect the market's reaction to the differences between the subjectproperty and the comparable sales.
10. I verified, from a disinterested source, all information in this report that was provided by parties who have a financial interest inthe sale or financing of the subject property.
11. I have knowledge and experience in appraising this type of property in this market area.
12. I am aware of, and have access to, the necessary and appropriate public and private data sources, such as multiple listingservices, tax assessment records, public land records and other such data sources for the area in which the property is located.
13. I obtained the information, estimates, and opinions furnished by other parties and expressed in this appraisal report fromreliable sources that I believe to be true and correct.
14. I have taken into consideration the factors that have an impact on value with respect to the subject neighborhood, subjectproperty, and the proximity of the subject property to adverse influences in the development of my opinion of market value. I havenoted in this appraisal report any adverse conditions (such as, but not limited to, needed repairs, deterioration, the presence ofhazardous wastes, toxic substances, adverse environmental conditions, etc.) observed during the inspection of the subject propertyor that I became aware of during the research involved in performing this appraisal. I have considered these adverse conditions inmy analysis of the property value, and have reported on the effect of the conditions on the value and marketability of the subjectproperty.
15. I have not knowingly withheld any significant information from this appraisal report and, to the best of my knowledge, allstatements and information in this appraisal report are true and correct.
16. I stated in this appraisal report my own personal, unbiased, and professional analysis, opinions, and conclusions, which aresubject only to the assumptions and limiting conditions in this appraisal report.
17. I have no present or prospective interest in the property that is the subject of this report, and I have no present or prospectivepersonal interest or bias with respect to the participants in the transaction. I did not base, either partially or completely, myanalysis and/or opinion of market value in this appraisal report on the race, color, religion, sex, age, marital status, handicap,familial status, or national origin of either the prospective owners or occupants of the subject property or of the present owners oroccupants of the properties in the vicinity of the subject property or on any other basis prohibited by law.
18. My employment and/or compensation for performing this appraisal or any future or anticipated appraisals was not conditionedon any agreement or understanding, written or otherwise, that I would report (or present analysis supporting) a predeterminedspecific value, a predetermined minimum value, a range or direction in value, a value that favors the cause of any party, or theattainment of a specific result or occurrence of a specific subsequent event (such as approval of a pending mortgage loanapplication).
19. I personally prepared all conclusions and opinions about the real estate that were set forth in this appraisal report. If I relied onsignificant real property appraisal assistance from any individual or individuals in the performance of this appraisal or thepreparation of this appraisal report, I have named such individual(s) and disclosed the specific tasks performed in this appraisalreport. I certify that any individual so named is qualified to perform the tasks. I have not authorized anyone to make a change toany item in this appraisal report; therefore, any change made to this appraisal is unauthorized and I will take no responsibility for it.
20. I identified the lender/client in this appraisal report who is the individual, organization, or agent for the organization that orderedand will receive this appraisal report.
21. The lender/client may disclose or distribute this appraisal report to: the borrower; another lender at the request of the borrower;the mortgagee or its successors and assigns; mortgage insurers; government sponsored enterprises; other secondary marketparticipants; data collection or reporting services; professional appraisal organizations; any department, agency, or instrumentalityof the United States; and any state, the District of Columbia, or other jurisdictions; without having to obtain the appraiser’s orsupervisory appraiser’s (if applicable) consent. Such consent must be obtained before this appraisal report may be disclosed ordistributed to any other party (including, but not limited to, the public through advertising, public relations, news, sales, or othermedia).
Page 5 of 6
2952HURLEY
SUMMARY APPRAISAL REPORT
Uniform Residential Appraisal Report File No.
22. I am aware that any disclosure or distribution of this appraisal report by me or the lender/client may be subject to certain lawsand regulations. Further, I am also subject to the provisions of the Uniform Standards of Professional Appraisal Practice thatpertain to disclosure or distribution by me.
23. The borrower, another lender at the request of the borrower, the mortgagee or its successors and assigns, mortgage insurers,government sponsored enterprises, and other secondary market participants may rely on this appraisal report as part of anymortgage finance transaction that involves any one or more of these parties.
24. If this appraisal report was transmitted as an “electronic record” containing my “electronic signature,” as those terms aredefined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this appraisalreport containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as if apaper version of this appraisal report were delivered containing my original hand written signature.
25. Any intentional or negligent misrepresentation(s) contained in this appraisal report may result in civil liability and/or criminalpenalties including, but not limited to, fine or imprisonment or both under the provisions of Title 18, United States Code, Section1001, et seq., or similar state laws.
SUPERVISORY APPRAISER'S CERTIFICATION: The Supervisory Appraiser certifies and agrees that:
1. I directly supervised the appraiser for this appraisal assignment, have read the appraisal report, and agree with the appraiser’sanalysis, opinions, statements, conclusions, and the appraiser’s certification.
2. I accept full responsibility for the contents of this appraisal report including, but not limited to, the appraiser’s analysis,opinions, statements, conclusions, and the appraiser’s certification.
3. The appraiser identified in this appraisal report is either a sub-contractor or an employee of the supervisory appraiser (or theappraisal firm), is qualified to perform this appraisal, and is acceptable to perform this appraisal under the applicable state law.
4. This appraisal report complies with the Uniform Standards of Professional Appraisal Practice that were adopted andpromulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisalreport was prepared.
5. If this appraisal report was transmitted as an “electronic record” containing my “electronic signature,” as those terms aredefined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this appraisalreport containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as if apaper version of this appraisal report were delivered containing my original hand written signature.
APPRAISER
Company Address
Telephone Number
Email Address
Date of Signature and Report
Effective Date of Appraisal
State Certification #
or State License #
or Other (describe) State #
State
Expiration Date of Certification or License
ADDRESS OF PROPERTY APPRAISED
APPRAISED VALUE OF SUBJECT PROPERTY $
LENDER/CLIENT
Name
Company Name
Company Address
Email Address
SUPERVISORY APPRAISER (ONLY IF REQUIRED)
Signature
Name
Company Name
Company Address
Telephone Number
Email Address
Date of Signature
State Certification #
or State License #
State
Expiration Date of Certification or License
SUBJECT PROPERTY
Did not inspect subject property
Did inspect exterior of subject property from street
Date of Inspection
Did inspect interior and exterior of subject property
Date of Inspection
COMPARABLE SALES
Did not inspect exterior of comparable sales from street
Did inspect exterior of comparable sales from street
Date of Inspection
Page 6 of 6
2952HURLEY
SUMMARY APPRAISAL REPORT
EXPOSURE TIME: ESTIMATED LENGTH OF TIME THAT THE PROPERTY INTEREST BEING APPRAISED WOULD HAVE BEEN OFFERED ON
THE MARKET PRIOR TO THE HYPOTHETICAL CONSUMMATION OF A SALE AT MARKET VALUE ON THE EFFECTIVE DATE OF THE
APPRAISAL. THE EXPOSURE TIME FOR PURPOSES OF THIS APPRAISAL IS 60 TO 90 DAYS.
THE FINAL OPINION OF VALUE IS BASED ON AN OPINION OF REASONABLE EXPOSURE TIME WHEN EXPOSURE TIME IS A COMPONENT
OF THE DEFINITION OF VALUE.
X
X
US MARSHALS SERVICE
PHILADELPHIA, PA 19134
2952 HURLEY STREET
PA
Uniform Residential Appraisal Report File No.
FEATURE SUBJECT
Address
Proximity to Subject
Sale Price $
Sale Price/Gross Liv. Area $ sq. ft.
Data Source(s)
Verification Source(s)
VALUE ADJUSTMENTS DESCRIPTION
Sale or Financing
Concessions
Date of Sale/Time
Location
Leasehold/Fee Simple
Site
View
Design (Style)
Quality of Construction
Actual Age
Condition
Above Grade Total Bdrms. Baths
Room Count
Gross Living Area sq. ft.
Basement & Finished
Rooms Below Grade
Functional Utility
Heating/Cooling
Energy Efficient Items
Garage/Carport
Porch/Patio/Deck
Net Adjustment (Total)
Adjusted Sale Price
of Comparables
$
$ sq. ft.
DESCRIPTION +(-) $ Adjustment
Total Bdrms. Baths
ft.
+ - $
Net Adj. %
Gross Adj. % $
$
$ sq. ft.
DESCRIPTION +(-) $ Adjustment
Total Bdrms. Baths
ft.
+ - $
Net Adj. %
Gross Adj. % $
$
$ sq. ft.
DESCRIPTION +(-) $ Adjustment
Total Bdrms. Baths
ft.
+ - $
Net Adj. %
Gross Adj. % $
ITEM SUBJECT
Date of Prior Sale/Transfer
Price of Prior Sale/Transfer
Data Source(s)
Effective Date of Data Source(s)
. 5
Summary of Sales Comparison Approach
SA
LE
S C
OM
PA
RIS
ON
AP
PR
OA
CH
2952HURLEY
SUMMARY APPRAISAL REPORT
PATIO
None
STANDARD
ELEC/NONE
BELOW AVERAGE
1rr0br0.0ba0o
532sf399sfin
1,06410
1.024
C4
~94
Q4
AT2;ROW
N;Res;VacantLots
532 sf
FEE SIMPLE
N;Res;
0.00
PHILADELPHIA, PA 19134
2952 HURLEY STREET
-
G
-
~
;
;
/
ArmLth
MLS/PUBLIC TAX RECORDS
TREND MLS
-
/
-
~
;
;
-
;
Listing
MLS/PUBLIC TAX RECORDS
-
/
-
~
;
;
;
-
;
Listing
MLS/PUBLIC TAX RECORDS
11/05/2014
PUBLIC TAX RECORDS
$3,000
07/07/2008
/ /
$
/ /
/ /
SEE ADDENDUM
Uniform Appraisal Dataset Definitions File No.
Condition Ratings and Definitions
C1 The improvements have been very recently constructed and have not previously been occupied. The entire structure and all components are new and the dwelling features no
physical depreciation.*
*Note: Newly constructed improvements that feature recycled materials and/or components can be considered new dwellings provided that the dwelling is placed on a 100% newfoundation and the recycled materials and the recycled components have been rehabilitated/re-manufactured into like-new condition. Recently constructed improvements that have
not been previously occupied are not considered "new" if they have any significant physical depreciation (i.e., newly constructed dwellings that have been vacant for an extendedperiod of time without adequate maintenance or upkeep).
C2 The improvements feature no deferred maintenance, little or no physical depreciation, and require no repairs. Virtually all building components are new or have been recentlyrepaired, refinished, or rehabilitated. All outdated components and finishes have been updated and/or replaced with components that meet current standards. Dwellings in this category
either are almost new or have been recently completely renovated and are similar in condition to new construction.
*Note: The improvements represent a relatively new property that is well maintained with no deferred maintenance and little or no physical depreciation, or an older property that has been recently completely renovated.
C3 The improvements are well maintained and feature limited physical depreciation due to normal wear and tear. Some components, but not every major building component, maybe updated or recently rehabilitated. The structure has been well maintained.
*Note: The improvement is in its first-cycle of replacing short-lived building components (appliances, floor coverings, HVAC, etc.) and is being well maintained. Its estimated effective age
is less than its actual age. It also may reflect a property in which the majority of short-lived building components have been replaced but not to the level of a complete renovation.
C4 The improvements feature some minor deferred maintenance and physical deterioration due to normal wear and tear. The dwelling has been adequately maintained and requires
only minimal repairs to building components/mechanical systems and cosmetic repairs. All major building components have been adequately maintained and are functionally adequate.
*Note: The estimated effective age may be close to or equal to its actual age. It reflects a property in which some of the short-lived building components have been replaced, and someshort-lived building components are at or near the end of their physical life expectancy; however, they still function adequately. Most minor repairs have been addressed on an ongoing
basis resulting in an adequately maintained property.
C5 The improvements feature obvious deferred maintenance and are in need of some significant repairs. Some building components need repairs, rehabilitation, or updating. The
functional utility and overall livability is somewhat diminished due to condition, but the dwelling remains useable and functional as a residence.
*Note: Some significant repairs are needed to the improvements due to the lack of adequate maintenance. It reflects a property in which many of its short-lived building components areat the end of or have exceeded their physical life expectancy but remain functional.
C6 The improvements have substantial damage or deferred maintenance with deficiencies or defects that are severe enough to affect the safety, soundness, or structural integrityof the improvements. The improvements are in need of substantial repairs and rehabilitation, including many or most major components.
*Note: Substantial repairs are needed to the improvements due to the lack of adequate maintenance or property damage. It reflects a property with conditions severe enough to affect
the safety, soundness, or structural integrity of the improvements.
Quality Ratings and Definitions
Q1 Dwellings with this quality rating are usually unique structures that are individually designed by an architect for a specified user. Such residences typically are constructed from
detailed architectural plans and specifications and feature an exceptionally high level of workmanship and exceptionally high-grade materials throughout the interior and exterior of thestructure. The design features exceptionally high-quality exterior refinements and ornamentation, and exceptionally high-quality interior refinements. The workmanship, materials, and
finishes throughout the dwelling are of exceptionally high quality.
Q2 Dwellings with this quality rating are often custom designed for construction on an individual property owner's site. However, dwellings in this quality grade are also found in
high-quality tract developments featuring residences constructed from individual plans or from highly modified or upgraded plans. The design features detailed, high-quality exteriorornamentation, high-quality interior refinements, and detail. The workmanship, materials, and finishes throughout the dwelling are generally of high or very high quality.
Q3 Dwellings with this quality rating are residences of higher quality built from individual or readily available designer plans in above-standard residential tract developments or onan individual property owner's site. The design includes significant exterior ornamentation and interiors that are well finished. The workmanship exceeds acceptable standards and
many materials and finishes throughout the dwelling have been upgraded from "stock" standards.
Q4 Dwellings with this quality rating meet or exceed the requirements of applicable building codes. Standard or modified standard building plans are utilized and the design includes
adequate fenestration and some exterior ornamentation and interior refinements. Materials, workmanship, finish, and equipment are of stock or builder grade and may feature someupgrades.
Q5 Dwellings with this quality rating feature economy of construction and basic functionality as main considerations. Such dwellings feature a plain design using readily available orbasic floor plans featuring minimal fenestration and basic finishes with minimal exterior ornamentation and limited interior detail. These dwellings meet minimum building codes and are
constructed with inexpensive, stock materials with limited refinements and upgrades.
Q6 Dwellings with this quality rating are of basic quality and lower cost; some may not be suitable for year-round occupancy. Such dwellings are often built with simple plans or
without plans, often utilizing the lowest quality building materials. Such dwellings are often built or expanded by persons who are professionally unskilled or possess only minimalconstruction skills. Electrical, plumbing, and other mechanical systems and equipment may be minimal or non-existent. Older dwellings may feature one or more substandard or
non-conforming additions to the original structure.
Definitions of Not Updated, Updated, and Remodeled
Not Updated
Little or no updating or modernization. This description includes, but is not limited to, new homes.
Residential properties of fifteen years of age or less often reflect an original condition with no updating, if no major components have been replaced or updated. Those over fifteen
years of age are also considered not updated if the appliances, fixtures, and finishes are predominantly dated. An area that is 'Not Updated' may still be well maintained and fullyfunctional, and this rating does not necessarily imply deferred maintenance or physical /functional deterioration.
Updated
The area of the home has been modified to meet current market expectations. These modifications are limited in terms of both scope and cost.
An updated area of the home should have an improved look and feel, or functional utility. Changes that constitute updates include refurbishment and/or replacing components to meetexisting market expectations. Updates do not include significant alterations to the existing structure.
Remodeled
Significant finish and/or structural changes have been made that increase utility and appeal through complete replacement and/ or expansion.
A remodeled area reflects fundamental changes that include multiple alterations. These alterations may include some or all of the following: replacement of a major component(cabinet(s), bathtub, or bathroom tile), relocation of plumbing/gas fixtures/appliances, significant structural alterations (relocating walls, and/or the addition of square footage).
This would include a complete gutting and rebuild.
Explanation of Bathroom Count
The number of full and half baths is reported by separating the two values by a period. The full bath is represented to the left of the period. The half bath count is represented to the
right of the period. Three-quarter baths are to be counted as a full bath in all cases. Quarter baths (baths that feature only toilet) are not to be included in the bathroom count.
2952HURLEY
SUMMARY APPRAISAL REPORT
Uniform Appraisal Dataset Definitions File No.
Abbreviations Used in Data Standardization Text
Abbrev. Full Name Appropriate Fields
ac Acres Area, Site
AdjPrk Adjacent to Park Location
AdjPwr Adjacent to Power Lines Location
A Adverse Location & View
ArmLth Arms Length Sale Sale or Financing Concessions
AT Attached Structure Design(Style)
ba Bathroom(s) Basement & Finished Rooms Below Grade
br Bedroom Basement & Finished Rooms Below Grade
B Beneficial Location & View
BsyRd Busy Road Location
cp Carport Garage/Carport
Cash Cash Sale or Financing Concessions
CtySky City View Skyline View View
CtyStr City Street View View
Comm Commercial Influence Location
c Contracted Date Date of Sale/Time
Conv Conventional Sale or Financing Concessions
cv Covered Garage/Carport
CrtOrd Court Ordered Sale Sale or Financing Concessions
DOM Days On Market Data Sources
DT Detached Structure Design(Style)
dw Driveway Garage/Carport
Estate Estate Sale Sale or Financing Concessions
e Expiration Date Date of Sale/Time
FHA Federal Housing Authority Sale or Financing Concessions
g Garage Garage/Carport
ga Garage - Attached Garage/Carport
gbi Garage - Built-in Garage/Carport
gd Garage - Detached Garage/Carport
GR Garden Structure Design(Style)
GlfCse Golf Course Location
Glfvw Golf Course View View
HR High Rise Structure Design(Style)
Ind Industrial Location & View
Abbrev. Full Name Appropriate Fields
in Interior Only Stairs Basement & Finished Rooms Below Grade
Lndfl Landfill Location
LtdSght Limited Sight View
Listing Listing Sale or Financing Concessions
MR Mid-Rise Structure Design(Style)
Mtn Mountain View View
N Neutral Location & View
NonArm Non-Arms Length Sale Sale or Financing Concessions
op Open Garage/Carport
o Other Basement & Finished Rooms Below Grade
O Other Design(Style)
Prk Park View View
Pstrl Pastoral View View
PwrLn Power Lines View
PubTrn Public Transportation Location
rr Recreational (Rec) Room Basement & Finished Rooms Below Grade
Relo Relocation Sale Sale or Financing Concessions
REO REO Sale Sale or Financing Concessions
Res Residential Location & View
RT Row or Townhouse Design(Style)
RH Rural Housing - USDA Sale or Financing Concessions
SD Semi-detached Structure Design(Style)
s Settlement Date Date of Sale/Time
Short Short Sale Sale or Financing Concessions
sf Square Feet Area, Site, Basement
sqm Square Meters Area, Site, Basement
Unk Unknown Date of Sale/Time
VA Veterans Administration Sale or Financing Concessions
wo Walk Out Basement Basement & Finished Rooms Below Grade
wu Walk Up Basement Basement & Finished Rooms Below Grade
WtrFr Water Frontage Location
Wtr Water View View
w Withdrawn Date Date of Sale/Time
Woods Woods View View
Other Appraiser-Defined Abbreviations
Abbrev. Full Name Appropriate Fields Abbrev. Full Name Appropriate Fields
2952HURLEY
SUMMARY APPRAISAL REPORT
ADDENDUM
Borrower: N/A File No.: 2952HURLEY
Property Address: 2952 HURLEY STREET Case No.:
City: PHILADELPHIA State: PA Zip: 19134
Lender: US MARSHALS SERVICE
Addendum Page 1 of 5
THE INTENDED USER OF THIS APPRAISAL REPORT IS THE LENDER/CLIENT. THE INTENDED USE IS TOEVALUATE THE PROPERTY THAT IS THE SUBJECT OF THIS APPRAISAL FOR ASSET VALUATION/SEIZUREPURPOSES, SUBJECT TO THE STATED SCOPE OF WORK, PURPOSE OF THE APPRAISAL, REPORTINGREQUIREMENTS OF THIS APPRAISAL REPORT FORM, AND DEFINITION OF MARKET VALUE. NO ADDITIONALINTENDED USERS ARE IDENTIFIED BY THE APPRAISER.
THE EFFECTIVE DATE OF THE VALUATION AND INSPECTION DATE IS 11/05/2014.
THE SUBJECT PROPERTY IS LOCATED 9.2 MILES FROM MY OFFICE. THIS ASSIGNMENT REQUIRES GEOGRAPHICCOMPETENCY AS PART OF THE SCOPE OF WORK. I HAVE SPENT SUFFICIENT TIME IN THE SUBJECT MARKETAND UNDERSTAND THE NUANCES OF THE LOCAL MARKET AND THE SUPPLY AND DEMAND FACTORSRELATING TO THE SPECIFIC PROPERTY TYPE AND LOCATION INVOLVED. SUCH UNDERSTANDING WILL NOT BEIMPARTED SOLELY FROM A CONSIDERATION OF SPECIFIC DATA SUCH AS DEMOGRAPHICS, COSTS, SALESAND RENTALS. THE NECESSARY UNDERSTANDING OF LOCAL MARKET CONDITIONS PROVIDES THE BRIDGEBETWEEN A SALE AND A COMPARABLE SALE OR A RENTAL AND A COMPARABLE RENTAL.
I HAVE PERFORMED NO OTHER SERVICES, AS AN APPRAISER OR IN ANY OTHER CAPACITY, REGARDING THEPROPERTY THAT IS THE SUBJECT OF THE WORK UNDER REVIEW WITHIN THE THREE-YEAR PERIOD
IMMEDIATELY PRECEDING ACCEPTANCE OF THIS ASSIGNMENT.
THE REPORTED ANALYSES, OPINIONS AND CONCLUSIONS WERE DEVELOPED, AND THIS REPORT HAS BEENPREPARED, IN CONFORMITY WITH THE REQUIREMENTS OF THE CODE OF PROFESSIONAL ETHICS ANDSTANDARDS OF PROFESSIONAL APPRAISAL PRACTICE OF THE APPRAISAL INSTITUTE.
THE USE OF THIS REPORT IS SUBJECT TO THE REQUIREMENTS OF THE APPRAISAL INSTITUTE RELATING TOREVIEW BY ITS DULY AUTHORIZED REPRESENTATIVES.Twelve Month Listing History of Subject PropertyPER THE MLS AND PUBLIC TAX RECORDS, THE SUBJECT PROPERTY HAS NOT BEEN LISTED IN THE PASTTWELVE MONTHS FROM THE EFFECTIVE DATE OF THIS APPRAISAL. APPRAISER'S LEGAL DESCRIPTION SCOPEOF WORK INCLUDES PROVIDING THE REFERENCE NUMBER SHOWN ON PUBLIC TAX RECORDS, NOT SECURINGOR REVIEWING THE DEED. MAP REFERENCE NUMBER REFERS REFER TO THE PAGE AND GRID IDENTIFIER ONTHE RAND-MCNALLY TREND PHILADELPHIA 5-COUNTY MAP FOR THE COUNTY. SCOPE OF WORK INDETERMINING OWNER OF RECORD IS TO REPORT WHAT IS SHOWN ON THE PUBLIC TAX RECORDS.
APPRAISER'S SCOPE OF WORK IN ANSWERING WHO OCCUPIES THE PROPERTY INCLUDES ONLY WHAT ISSPECIFIED HERE AND NO OTHER STEPS.
APPRAISER'S SCOPE OF WORK IN RESEARCHING SUBJECT'S PRIOR LISTINGS IS TO SEARCH MLS BY SUBJECTPROPERTY ADDRESS. ALL "STATUS" CATEGORIES ARE INCLUDED: ACTIVE PROPERTIES, SOLD PROPERTIES,EXPIRED LISTINGS, WITHDRAWN LISTINGS, AND UNDER CONTRACT PROPERTIES. THIS PROCESS DOES NOTFIND SUBJECT IF THE ADDRESS IS INCORRECTLY ENTERED OR IF THE PROPERTY IS INCORRECTLY LISTED INTHE WRONG TAXING DISTRICT. IT ALSO DOES NOT ACCOUNT FOR ANY POSSIBLE CURRENT OR PAST "FORSALE BY OWNER" OFFERINGS; MLS IS THE ONLY PUBLIC AND RELIABLE SOURCE OF LISTING ACTIVITY FOR THEAREA. NO "FOR SALE BY OWNER" SIGNS WERE OBSERVED.
Neighborhood BoundariesSTATISTICS ARE DERIVED FROM THE ENTIRE SUBJECT ZIP CODE OR NOTED PARAMETERS. APPRAISERATTEMPTED TO CHOOSE COMPARABLES FROM THE IMMEDIATE NEIGHBORHOOD AREA AS NOTED BELOW:
NEIGHBORHOOD STATISTICS REFLECT ABOVE AREA.
THE FINAL VALUE ESTIMATE FOR THE SUBJECT PROPERTY IS BELOW THE PREDOMINANT VALUE FORRESIDENTIAL PROPERTIES IN THIS MARKET AREA, AS SHOWN ON PAGE ONE OF THIS REPORT, WHICHINCLUDED PROPERTIES OF ALL STYLES, SIZES AND CONDITIONS. THE SUBJECT PROPERTY IS WITHIN THESTATED PRICE RANGE FOR HOMES IN THE AREA; AND THE FACT THAT THE SUBJECT PROPERTY DOES NOTREPRESENT THE PREDOMINANT VALUE HAS NO ADVERSE EFFECT ON THE SUBJECT VALUE OR MARKETABILITY.THE SUBJECT IS NOT CONSIDERED AN UNDER IMPROVEMENT.
ADDENDUM
Borrower: N/A File No.: 2952HURLEY
Property Address: 2952 HURLEY STREET Case No.:
City: PHILADELPHIA State: PA Zip: 19134
Lender: US MARSHALS SERVICE
Addendum Page 2 of 5
Neighborhood DescriptionKENSINGTON: THE NEIGHBORHOOD MAINLY CONSISTS OF 70-100 YEAR OLD SINGLE FAMILY HOMES. THERE ISA MULTI-FAMILY AND COMMERCIAL PRESENCE IN THE NEIGHBORHOOD. THE SUBJECT IS COMPATIBLE WITHTHE AREA. SHOPPING IS AVAILABLE ALONG FRONT STREET AND ERIE AND ALLEGHENY AVENUES. EMPLOYMENT IS AVAILABLE ALONG ERIE AND ALLEGHENY AVENUES AND FRONT STREET AND ALSO IN CENTERCITY. PUBLIC AND PAROCHIAL SCHOOLS ARE WITHIN A REASONABLE DISTANCE FROM THE SUBJECT. THEREARE NUMEROUS PLACES OF WORHSIP IN THE AREA.
Neighborhood Market Conditions
THE APPRAISER MUST BRING TO LIGHT THE CURRENT AND UNFOLDING CRISES IN THE INTERTWINEDFINANCIAL AND HOUSING MARKETS IN THE UNITED STATES BOTH NATIONALLY AND LOCAL TO THE SUBJECTPROPERTY. LIQUIDITY AND TRADING LEVELS IN THE CAPITAL MARKETS AT ONE POINT IN THE RECENT PAST INTIME WERE EXTREMELY VOLATILE, AND THE FUNCTIONING OF THESE MARKETS HAD BEEN DISRUPTED. INMORE SIMPLE TERMS, THE TIGHTER REGULATIONS OF LENDING INSTITUTIONS TO LEND AND INABILITY OFBORROWERS TO BORROWER MADE THE MARKET ENVIRONMENT UNSTABLE AND UNCHARTED TERRITORY.CURRENTLY, WHILE IT APPEARS THESE ISSUES HAVE ENTERED INTO A PERIOD OF CORRECTION, THEAPPRAISER RECOMMENDS KEEPING A WATCHFUL EYE GOING FORWARD. ADDITIONALLY, THESE ISSUES AREFORCING OTHER FINANCIAL DOWNTURNS IN THE FORM OF BANKRUPTCIES AND CREDIT CARD DEFAULT – THATWILL DETRACT FURTHER FROM THE HOUSING MARKET.
WHILE THE OVERALL HOUSING MARKET VALUES HAVE LEVELED, THEY ARE STILL WELL ABOVE VALUES IN THEYEAR 2004, WHICH IS WHEN THEY STARTED TO GREATLY INCREASE. IF VALUES CONTINUE TO FALL MOREINLINE WITH THESE EARLIER YEARS, FORECLOSURE ACTIVITY THAT IS ALREADY ON THE RISE WILL INCREASEEXPONENTIALLY, INVENTORY WILL CONTINUE TO MOUNT AND FURTHER DOWNWARD PRESSURE WILL BEEXERTED ON PRICING AND VALUES.
IN GENERAL, PROPERTY VALUES IN SUBJECT MARKET HAVE BEEN DECLINING OVER THE PAST YEAR. AS WITHMANY MARKETS IN THE AREA, APPRECIATION LEVELS ARE BEGINNING TO SOFTEN AND ARE TRENDINGTOWARD MORE TRADITIONAL LEVELS. THE DOUBLE-DIGIT APPRECIATION RATES EXPERIENCED IN 2004-2005ARE BEING REPLACED BY SINGLE-DIGIT INCREASES, IN SOME CASES NO APPRECIATION, AND IN SOME CASES,DECLINE. INCREASING INVENTORY AND COMPETITIVE PRICING PRESSURE ARE A FACTOR AND ARE DISCUSSEDFURTHER BELOW.
IT APPEARS THAT IMMEDIATE NEIGHBORHOOD PROPERTY VALUES HAVE BEEN DECLINING OVER THE PASTYEAR. APPRAISER NOTES THE FOLLOWING TRENDS FOR ALL SETTLED SALES WITHIN .3 MILE RADIUS OF THESUBJECT PROPERTY IN THE DEFINED AREA:
AVERAGE PRICE FOR THE PREVIOUS 12 MONTHS IS $15,333, A 13.7% DECREASE FROM THE SAME PERIOD THEPREVIOUS YEAR; THE MEDIAN PRICE FOR THE PREVIOUS 12 MONTHS IS $16,500, WHICH REPRESENTS A 13.8%INCREASE.
MARKETING TIME IN THE AREA IS GENERALLY LESS THAN 3 MONTHS FOR PROPERLY PRICED HOUSES.
CASH FINANCING IS PREDOMINANT; HOWEVER, CONVENTIONAL, FHA AND VA FINANCING ARE AVAILABLE ANDNOT UNCOMMON FOR THE AREA. THE AVERAGE DAYS ON MARKET FOR ALL RESIDENTIAL PROPERTY WITHINTHE ZIP CODE OVER THE LAST 12 MONTHS IS APPROXIMATELY 66 DAYS FROM THE TIME OF THE MOST RECENTLISTING UNTIL SETTLEMENT. THERE ARE MANY HOMES THAT HAVE SOLD IN EITHER LESS OR MORE TIME,HOWEVER, THIS CAN BE ATTRIBUTED TO DIFFERENT MARKETING STRATEGIES, INDIVIDUAL SELLERMOTIVATION, INDIVIDUAL BUYER MOTIVATION, OR OTHER INTANGIBLE FACTORS IN THE MARKET.
EXPOSURE TIME: ESTIMATED LENGTH OF TIME THAT THE PROPERTY INTEREST BEING APPRAISED WOULDHAVE BEEN OFFERED ON THE MARKET PRIOR TO THE HYPOTHETICAL CONSUMMATION OF A SALE AT MARKETVALUE ON THE EFFECTIVE DATE OF THE APPRAISAL.
COMMENT: EXPOSURE TIME IS A RETROSPECTIVE OPINION BASED ON AN ANALYSIS OF PAST EVENTSASSUMING A COMPETITIVE AND OPEN MARKET.
EXPOSURE TIME FOR PURPOSES OF THIS APPRAISAL IS 60 TO 90 DAYS.
THE GRAPHICAL CHARTS TO FOLLOW REPRESENT DATA FROM THE MULTIPLE LISTING SERVICE FOR SALES OFHOMES WITH 0-2 BEDROOMS IN THE SUBJECT'S ZIP CODE. THE CHARTS DEPICT THE TOTAL NUMBER OF SALES,THE AVERAGE SALE PRICE AND THE MEDIAN SALE PRICE. ALL NUMBERS ARE APPROXIMATIONS:
ADDENDUM
Borrower: N/A File No.: 2952HURLEY
Property Address: 2952 HURLEY STREET Case No.:
City: PHILADELPHIA State: PA Zip: 19134
Lender: US MARSHALS SERVICE
Addendum Page 4 of 5
PROPERTY. IT SHOULD BE NOTED HOWEVER THAT THE APPRAISER IS NOT A NATURAL DISASTER SPECIALISTOR TRAINED ENGINEER AND DOES NOT ACCEPT ANY LIABILITY FOR ISSUES THAT MAY EXIST AND COULD NOTEASILY AND READILY BE VERIFIED UPON THE INSPECTION REFLECTED IN THE SCOPE OF WORK OF THISVALUATION.
SCOPE OF SITE WORK IS AS FOLLOWS: COUNTY ASSESSMENT RECORDS PROVIDE SITE DIMENSIONS/AREA.COUNTY TAX MAPS SHOW SHAPE. NO SITE SURVEY IS REVIEWED UNLESS OTHERWISE NOTED. VIEW ISOBSERVED AT THE SITE. ONLINE COUNTY ASSESSMENT RECORDS SOURCE OF PUBLIC WATER, SEWER ANDGAS. DETERMINATION ABOUT WHETHER AN ALLEY EXISTS AND WHETHER THE ROAD AND/OR ALLEY AREPUBLIC IS TAKEN VISUALLY FROM COUNTY TAX MAP. EASEMENTS, ENCROACHMENTS, ENVIRONMENTALCONDITIONS, HAZARDOUS WASTES, TOXIC SUBSTANCES AND DETRIMENTAL LAND USES ARE REPORTED ONLYAS VISUALLY OBSERVED AT THE SITE OR KNOWN IN THE NEIGHBORHOOD OR AS REPORTED TO ME DURINGTHE COURSE OF MY RESEARCH. SITE AND UTILITY EASEMENTS TYPICAL OF THE NEIGHBORHOOD LIKELY EXISTBUT RESEARCHING THEM WAS NOT PART OF SCOPE OF WORK.SCOPE OF WORK DOES NOT INCLUDERESEARCHING TITLE OR LEGAL DOCUMENTS. I HAVE NO EXPERTISE IN THE AREAS OF LAW, TITLE SEARCHING,ENVIRONMENTAL HAZARDS OR INSPECTION FOR ENVIRONMENTAL CONDITIONS. SCOPE OF WORK DOES NOTINCLUDE DETERMINING IF PERMITS FOR WORK DONE ON THE PROPERTY HAVE BEEN SECURED OR IF ANYLOCAL BUILDING INSPECTION REQUIREMENTS WERE MET. NO SOIL REPORTS, ENVIRONMENTAL AUDITS, SITEASSESSMENT, HEALTH DEPARTMENT REPORT HAVE BEEN REVIEWED. SCOPE OF WORK DOES NOT INCLUDEANY ADDITIONAL VERIFICATION OF ANY OF THESE ITEMS AND CLIENT IS INVITED TO EMPLOY THE SERVICES OFAPPROPRIATE EXPERTS IF ANY OF THESE AREAS NOT COVERED BY MY SCOPE OF WORK ARE OF CONCERN.
FLOOD ZONE SCOPE OF WORK IS LIMITED TO EXAMINATION OF FEMA FLOOD MAP; CHECKING THE BOX THATANSWERS "NO" FEMA SPECIAL FLOOD HAZARD AREA MEANS ONLY THAT THESE MAPS DO NOT APPEAR TOREPORT A FLOOD ZONE AT THE PROPERTY LOCATION.
SCOPE OF WORK DOES NOT INCLUDE A SURVEY OR ADDITIONAL FLOOD RESEARCH. CLIENT IS ADVISED THATNOT ALL LOCAL STREAMS WERE MAPPED BY FEMA, THESE MAPS DO NOT DEPICT INDIVIDUAL PROPERTYBOUNDARIES AND ARE VAGUE AND POORLY DEFINED IN SOME AREAS AND IS INVITED, IF CONCERNED, TOEMPLOY THE SERVICES OF AN APPROVED FLOOD HAZARD INSURING AGENT OR TO CONTACT THEMUNICIPALITY FOR AN OFFICIAL DETERMINATION.
Additional FeaturesTHE SUBJECT IS A TWO STORY INTERIOR ROW STYLE SINGLE UNIT DWELLING. REAR PATIO IS COVERED WITHPLEXIGLASS MATERIAL.
FIRST FLOOR HAS CERAMIC FLOORS THROUGHOUT. LIVING ROOM HAS RECESSED LIGHTING. FIRST FLOOR HASBATH WITH CERAMIC FLOOR AND STALL SHOWER/VINYL SURROUND. KITCHEN HAS STAINLESS STEEL SINK,FORMICA COUNTERS AND NO APPLIANCES.
SECOND FLOOR HAS 2 BEDROOMS WITH CARPET AND RECESSED LIGHTING.
BASEMENT IS PARTIALLY FINISHED WITH CERAMIC FLOOR AND DROP CEILING. UTILITIES INCLUDE G.E 30GALLON HOT WATER HEATER.
SCOPE OF WORK INCLUDES PERSONALLY MEASURING THE EXTERIOR AND/OR INTERIOR OF THE BUILDING BYLASER MEASURING DEVICE AND/OR TAPE AND PROVIDING THE RESULTS ON THE ATTACHED SKETCH; ANYINTERIOR WALLS ARE FOR RELATIVE ROOM PLACEMENT ONLY AND ARE NOT TO SCALE. WHILE REASONABLECARE WAS EXERCISED IN THE FIELD MEASUREMENTS, THE FINAL SQUARE FOOTAGE IN THIS REPORT SHOULDBE CONSIDERED AN APPROXIMATION ONLY AND NOT GUARANTEED.
Condition of the PropertyAPPRAISER NOTES THE FOLLOWING DEFERRED MAINTENANCE:
- MISSING WALL AT REAR PATIO FROM ADJACENT DWELLING- CEMENT CRACKS AT REAR PATIO- CHIPPING PAINT/SOME ROTTING AT DOOR FRAMES (INTERIOR AND EXTERIOR)- MISSING OUTLET COVERS AND EXPOSED WIRES THROUGHOUT- MISSING BEDROOM DOORS- NO RAILING AT BASEMENT STAIRS- INCORRECT GRADING/SPACING AT STAIRS TO BASEMENT- CHIPPIING PAINT AT EXTERIOR FRONT
COMMENTS ON SALES COMPARISONCOMPARABLES WERE SELECTED FROM THE AVAILABLE POOL OF SETTLED SALES, AND PENDING/ACTIVELISTINGS OF SIMILAR HOMES FROM WITHIN THE GENERAL SUBJECT MARKET. THE COMPARABLES ARETHOUGHT TO BE REASONABLE INDICATORS OF VALUE FOR THE SUBJECT. IT IS REASONABLE TO THINK THAT ABUYER IN THIS MARKET MIGHT CONSIDER BOTH THE SUBJECT AND THE COMPARABLES WHEN MAKING APURCHASE DECISION. THE COMPARABLES ARE SIMILAR TO THE SUBJECT IN TERMS OF GENERAL MARKETLOCATION AND AMENITIES, SCHOOL DISTRICT, ACCESS TO EMPLOYMENT, TRANSPORTATION, PUBLICFACILITIES & SERVICES.
WHILE NO TWO PROPERTIES ARE COMPLETELY COMPARABLE, THE ADJUSTMENTS EMPLOYED IN THIS REPORTARE INTENDED TO REPRESENT MARKET ACCEPTANCE OF THE INDIVIDUAL AMENITIES AND DIFFERENCESBETWEEN THE SUBJECT AND COMPARABLES. SOME, THOUGH MINIMAL CONSIDERATION IS GIVEN TO THE COSTOF CERTAIN FEATURES AND CONSTRUCTION OF THE SUBJECT.
ADDENDUM
Borrower: N/A File No.: 2952HURLEY
Property Address: 2952 HURLEY STREET Case No.:
City: PHILADELPHIA State: PA Zip: 19134
Lender: US MARSHALS SERVICE
Addendum Page 5 of 5
IN AN EFFORT TO IDENTIFY THE MOST APPROPRIATE COMPARABLES THE APPRAISER DEEMED IT NECESSARYTO EXCEED TYPICAL SIX MONTH TIME PARAMETERS WHEN SELECTING COMPARABLES. NO TIME ADJUSTMENTSWERE USED HOWEVER THIS WAS A FACTOR THAT WAS CONSIDERED DURING THE FINAL RECONCILATION OFVALUE.
NO ADJUSTMENTS WERE MADE TO THE GRID FOR ACTUAL AGE AS THE SUBJECT AND ALL COMPARABLES ARECONSIDERED TO HAVE SIMILAR EFFECTIVE AGE.
PLEASE NOTE THAT NOT ALL ADJUSTMENTS WILL BE THE SAME ACROSS THE BOARD. THE SUBJECT ISCOMPARED TO EACH INDIVIDUAL COMPARABLE SALE SEPARATELY AND ADJUSTMENT AMOUNTS WILL DIFFERDEPENDING UPON THE DEGREE OF DIFFERENCE BETWEEN THE SUBJECT AND THAT COMPARABLE ONLY.
IT SHOULD BE NOTED THAT ANY FIELDS ON THE SALES COMPARISON GRID DESIGNATED WITH "0" OR "NO ADJ"ARE MEANT TO RECOGNIZE A DIFFERENCE OR VARIANCE BETWEEN THE SUBJECT AND A GIVEN COMPARABLESALE. ALTHOUGH NO QUANTITIATIVE ADJUSTMENT HAS BEEN GIVEN, THESE HAVE BEEN CONSIDERED ASQUALITATIVE FACTORS DURING THE FINAL DETERMINATION AND RECONCILATION OF VALUE
SALES AND LISTINGS WERE SELECTED BY RESEARCHING 24 MONTHS PRIOR THROUGHOUT THE IMMEDIATEVICINITY.
ALL COMPARABLES WERE CONSIDERED IN THE FINAL DETERMINATION OF VALUE AS WERE OTHER MARKETOFFERINGS AND TRENDS IN THE AREA.
DUE TO LARGE LIST TO SALE ADJUSTMENTS, COMPARABLES 5 AND 6 EXCEED THE 10% LINE AND 15% NETADJUSTMENT GUIDELINES.
THE APPRAISER ALSO NOTED THE FOLLOWING AS THE ONLY ACTIVITY IN TREND MLS ON THE IMMEDIATE
Final ReconciliationTHIS IS A SUMMARY APPRAISAL REPORT AS DEFINED BY THE APPRAISAL STANDARDS BOARD OF THEAPPRAISAL FOUNDATION.
THE APPRAISER HAS NO PRESENT OR CONTEMPLATED FUTURE INTEREST IN THE PROPERTY BEINGAPPRAISED. THE EMPLOYMENT OF THIS APPRAISER WAS NOT BASED UPON THE APPRAISER ESTIMATING ASPECIFIC VALUE OR VALUE RANGE.
VALUE CONCLUSION IS BASED PRIMARILY ON THE SALES COMPARISON APPROACH. INCOME APPROACH NOTAPPLICABLE. IF THE THE COST APPROACH WAS DEVELOPED IT WAS BY CLIENT REQUEST, THOUGH IS NOTCONSIDERED TO BE A RELIABLE INDICATOR OF VALUE.
THE SALES AND LISTINGS IN THIS REPORT WERE UTILIZED AND DEEMED MOST APPROPRIATE. ALLCOMPARABLES WERE TAKEN INTO CONSIDERATION IN THE FINAL VALUE DETERMINATION. EMPHASIS WASGIVEN EQUALLY TO THE SETTLED, PENDING AND ACTIVE COMPARABLES, AS THE COMPETITIVE LISTINGS AREAS MUCH IF NOT MORE SO AN INDICATION OF VALUE GIVEN CURRENT MARKET CONDITIONS.
THE AS-IS APPRAISED VALUE FOR THIS PROPERTY HAS BEEN STATED ON PAGE TWO OF THE URAR. THISVALUE IS BASED ON TYPICAL MARKETING IN TERMS OF ADVERTISING, TIME ON MARKET AND SELLERMOTIVATION.
NO PERSONAL PROPERTY WAS CONSIDERED WITHIN THIS REPORT.
THE FINAL OPINION OF VALUE WAS MADE BY THE APPRAISER AND IS WARRANTED ONLY AS OF THE EFFECTIVEDATE OF THIS APPRAISAL.
SUBJECT PROPERTY PHOTO ADDENDUM
Borrower: File No.:Property Address: Case No.:City: State: Zip:Lender:
FRONT VIEW OFSUBJECT PROPERTY
Appraised Date:Appraised Value: $
REAR VIEW OFSUBJECT PROPERTY
STREET SCENE
US MARSHALS SERVICE
19134PAPHILADELPHIA
2952 HURLEY STREET
2952HURLEYN/A
November 5, 2014
Borrower: File No.:Property Address: Case No.:City: State: Zip:Lender:
PHT6
US MARSHALS SERVICE
19134PAPHILADELPHIA
-2952 HURLEY STREET
2952HURLEYN/A
VIEW LIVING ROOM
LR BATHROOM
BATHROOM STALL SHOWER
Borrower: File No.:Property Address: Case No.:City: State: Zip:Lender: US MARSHALS SERVICE
19134PAPHILADELPHIA
-2952 HURLEY STREET
2952HURLEYN/A
KITCHEN LAUNDRY AREA
REAR PATIO/COVERED BEDROOM
BR WALL HEAT
Borrower: File No.:Property Address: Case No.:City: State: Zip:Lender: US MARSHALS SERVICE
19134PAPHILADELPHIA
2952 HURLEY STREET
2952HURLEYN/A
ELECTRIC BR/ADDITIONAL SPACE
BASEMENT HOT WATER HEATER
BASEMENT STAIRS TO BSMT
Borrower: File No.:Property Address: Case No.:City: State: Zip:Lender: US MARSHALS SERVICE
19134PAPHILADELPHIA
2952 HURLEY STREET
2952HURLEYN/A
DEFERRED MAINTENANCE DEFERRED MAINTENANCE
DEFERRED MAINTENANCE DEFERRED MAINTENANCE
DEFERRED MAINTENANCE DEFERRED MAINTENANCE
Borrower: File No.:Property Address: Case No.:City: State: Zip:Lender: US MARSHALS SERVICE
19134PAPHILADELPHIA
2952 HURLEY STREET
2952HURLEYN/A
DEFERRED MAINTENANCE/PATIO DEFERRED MAINTENANCE
DEFERRED MAINTENANCE DEFERRED MAINTENANCE
DEFERRED MAINTENANCE DEFERRED MAINTENANCE